The surge in Bitcoin's price is being fueled by investors' enthusiasm following the Grayscale victory against the SEC, igniting hopes for a potential new bull market.
The rally in Bitcoin's price on August 29 was triggered when Judge Rao nullified the SEC's decision to reject the GBTC spot ETF on grounds of "fraud" concerns.
Concurrently with the surge in Bitcoin's price on August 29, the quantity of BTC available on exchanges has plummeted to its lowest point since January 2018.
As the outflow of Bitcoin from exchanges continues, liquidations face a reduced buffer, thereby heightening market volatility.
In the wake of a resounding legal victory for the Grayscale Bitcoin Trust (GBTC), BTC Price has surged by 5% in the past 24 hours.